Having tried this approach I can tell you that offering more money results in perhaps a doubling of the number of barely competent programmers, a ten-fold increase in the number of completely clueless, and no apparent increase in the number of people we'd actually want. My results are not statistically valid, I've only gone through the hiring cycle five times, but my impression from actually trying it is that salary…
And then offering them enough money so they don't have to worry about it. Because, I'm sorry to say, minimum wage isn't going to cut it.